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NFTs are one of the coolest, most unique ways to get involved in the crypto-sphere. The fun designs and exclusivity is something that can be understood by even the uninitiated.
If your business doesn’t work with NFTs, it may feel like there’s nothing they can offer you beyond some interesting water-cooler conversations. However, if you know how to choose and market these little non-fungible goodies, you just might have found the most successful giveaway prize imaginable.
An NFT giveaway is a promotional event that allows people to win NFTs (non-fungible tokens) as prizes. These tokens can be used as virtual trading cards, digital artwork, smart contracts, and more.
Companies that trade NFTs regularly have a lot to gain from a giveaway or two, but this strategy also packs a punch for brands that are new to the crypto world.
Without further ado, let’s crank up the grill and get cooking with NFT fire.
The Benefits of Hosting an NFT Giveaway
No matter what sphere your business operates in, running an NFT giveaway can give you just the boost you need. It’s hip, fun, and effective - what more could you ask for?
There are several benefits to using this kind of creative premise for a giveaway, including
- A boost in visibility and community engagement - If your giveaway is seen by the right people and is catchy enough, it can help get your brand in the spotlight. You’ll also increase engagement and build relationships with those you involve in the giveaway.
- Brand recognition from a fun NFT design - Get creative with your NFT design and make sure it stands out from the crowd! Not to mention, it might end up everywhere if the design is sharp enough.
- Better social media presence - Make sure your giveaway is posted on all of your social media accounts and send it to various influencers.
- Free NFTs to kick-start an NFT marketplace - You can also use your giveaway as a way to jumpstart an NFT marketplace. Give away a unique NFT (or several) to those who participate in the promotion, and watch as you gain more momentum after the giveaway is over.
- Access to a growing market - With the world of NFTs growing every day, the potential is limitless. Get the jumpstart you need and take advantage of this new trend to get ahead of the competition.
Whatever way you look at it, NFT giveaways represent a fantastic tool to help new businesses make their mark in the world of art, gaming, and more. The only ingredient needed to make the most of it is a bit of creativity and enthusiasm.
Designing Your Perfect NFT Giveaway
So you’ve decided that an NFT giveaway is the marketing strategy for your brand (and why wouldn’t you?) Now it’s time to get planning.
NFT giveaways are full of creativity and variety, just like the artworks themselves. However, behind the scenes, there’s a clear-cut chain of events that can get you on the right path. (Get it? Chain? Like blockchain? Ok, I’ll see myself out.)
Step One: Know Your Goals
If you’ve read any of my articles before, you’ve probably heard this a time or two, but it’s impossible to steer a ship if you don’t know where it’s headed.
There are so many reasons to hold an NFT giveaway, and each reason lends itself to a different form and function. Sit down with your team and hone in on the ultimate goal of your campaign. This could include:
- Raising awareness for your brand
- Increasing engagement on your social media accounts
- Gathering data from potential buyers
- Selling NFTs
- Re-engage inactive users on your game or app
Once you have a handle on your goal, you’re ready to launch into the planning stage.
Step Two: Choose the Ultimate NFT Reward
This can be one of the most entertaining and exciting parts of organizing an NFT giveaway. Think about your ideal customer. What kind of artwork would get them invested?
NFTs can be anything from fancy monkeys, to pastel doodles, to text-based novelties. This freedom allows you and your team to choose a prize that’s consistent with your brand.
If you create NFTs, pull out all the stops for this limited edition token. If that’s not your company’s MO, however, there are lots of other options!
Commissioning an artist or influencer that’s known within your niche to create the perfect artistic token is a great way to drum up a little buzz for your giveaway.
You can also collaborate with a brand partner for an even more exclusive piece, or put together some incredible packs of digital goodies for your winner.
Step Three: Set Your Rules
Games are only fun when the rules are clearly set. You don’t want to be playing Calvinball with your company or customers.
Based on your goals (see, I told you they’d be important) decide on the criteria for who can enter - and win - your NFT giveaway.
If you’re having trouble landing on a structure for your giveaway, have no fear! There are endless ideas that you can pull from.
Random Selection
This is by far the most popular way to choose a winner for a giveaway. This is becuase it's easy to explain and even easier to execute.
Start by collecting entries through whatever method fits your goals. This could mean getting people to
- fill out a quick form if you're wanting to collect their information
- like and share a post if your goal is a boosted social media presence
- download and use your app if you want more users
Whatever you choose, you'll need some way to track and organize all those entries into one database. Make sure you have a clear timeframe for when you’re collecting entries.
Then, all that's left to do is randomly choose a winner!
Contests
If you want to tap into the power of gamification, perhaps setting up a challenge or puzzle could easily scratch that itch.
Think about what tasks your participants need to complete to win your NFT? Maybe you'll ask them to come up with a creative way to showcase your token, or even design something new using your NFT.
The great part about this option is that your winners are already showing themselves to be invested and engaged leads.
There are so many types of contests you could run with to help make the giveaway even more fun for your customers. A few of my favorites are
- A scavenger hunt across social media
- Caption or tag a photo contest
- A quiz about your NFT or brand
- A design or logo contest
Make sure the rules are clear, and the challenge is doable. This will keep people excited and engaged, which can help you get even more participants for future giveaways!
Community Voting
This is a great way to get your customers involved in the process of choosing a winner. By allowing customers to vote for their favorite entry, you’re giving them a sense of ownership over the whole thing.
This method goes great with one of the more creative contests because it showcases the entries you’ve received, and encourages widespread social media sharing.
Remember, the more fun and interactive the process is, the more likely people are to get involved.
Looking to the Future
With their wildfire-like spread and ubiquity, it can be hard to believe that NFTs only came into existence in 2014. Over less than a decade, the community and hype around them has changed drastically.
As we continue into the future, it stands to reason that there will only be more changes to the sphere. If you want your NFT giveaway to be on the cutting edge, here are some things to keep in mind.
Trend Alert: Collaboration
The hallmark of a good trend is that it pops up across industries and contexts. If you want to see what will keep your NFT giveaway top of mind, look to the trends in the broader business world.
From LOEWE x Howl to Barbie x everything, 2023 has been the year of collaboration. If you want your brand to stay ahead of the curb, consider teaming up with another company within your sphere.
There are several benefits to this beyond the hype of a collab. You’ll be expanding your reach to the users of your partner brand, and showing that your company is community oriented.
The possibilities for unique and highly sight after NFTs become even higher when you combine the aesthetics and designs of two teams. The sky is the limit with this strategy.
Innovative NFTs: Playing to Earn
One of the largest NFTs in existence right now is Axie Infinity. These NFTs are part of a game that users play to collect and level up cute, unique NFT characters.
The rise of these “play to earn” games is showing no sign of slowing down. Players can actively collect these NFTs, level them up, and even earn money from them.
If you want your NFT giveaway to stand out, consider adding a game-like element to it. Giveaway entries can be earned by playing one of your games, or even just by watching a tutorial video.
It’s a great way to boost engagement and keep players coming back. Plus, a game gives its players something to do, even if they don’t win the initial giveaway.
Potential Challenges: IP Protection and Hype
The biggest challenge for NFT giveaways is protecting the intellectual property of an artist or the companies involved. To ensure a secure giveaway, companies and teams need to make sure that the correct contracts are in place and that the creator’s rights are respected.
Additionally, companies need to consider how many of these NFTs they will create, and the impact of limited availability when it comes to demand. Highly sought after items create hype, but can also quickly become over saturated.
It’s important to know how to balance the two to ensure a successful giveaway.
The Bottom Line
NFTs have proven their value again and again, and now that you understand how to craft and execute an NFT giveaway, you can harness that power for your business.
With a level of recognizability and fun, an NFT giveaway can help skyrocket your brand’s profile, increase traffic to your social media pages, and bring in new leads. All you need is a little planning, foresight, and creativity.
So go ahead, make your mark on the world and show your customers why your business is worth investing in. Ready, set, mint!
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